Cardano has also seen gains in the last seven days, with its price rising by 14%. As a result of its recent increases, ADA has surpassed both Ripple (XRP) and Solana (SOL) in terms of market capitalization, moving to number six on CoinMarketCap’s list.
Cardano (ADA), which has increased 25.85% in the previous 24 hours to $0.6539, is another price trend to keep an eye on.
A growth in the issuance of native assets on the network — data shows that over five million assets have now been minted on Cardano – and the planned Vasil hard fork, a network upgrade expected in June that will boost scaling capabilities, are two fundamental triggers.
- Consequently, positive sentiments in the crypto market coincide with the optimism in Asian markets and data showing a subdued dollar in the past couple of days. For the first time since early March, the number of COVID19 infections in China has dropped below 100, boosting optimism among traders banking on a broader economic recovery.
- According to price charts, ADA’s major support is at around 50 cents. Early this week, the Relative Strength Index (RSI), a metric used by traders to calculate the magnitude of an asset’s price move, plummeted to nearly 33, indicating that ADA was nearing a bottom. However, at 80 cents, the token may face significant pushback.
- It added smart contracting capabilities well after other blockchains, such as Solana, had already built out their own DeFi and NFT ecosystems, and it still sees far less activity than the majority of other Layer 1 networks eight months later.
- The altcoin has roughly $158 million in total value locked throughout its decentralized apps, according to Defi Llama statistics, which is about 25 times less than Solana and 455 times less than Ethereum.